122 S 5th St · Spring Lake, NC 28390

$115,000

2 bd · 1.0 ba · 779 sqft · Land · 29 Days on market

Built 1956 9,583 sqft lot ↓ 41% since listing

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Why this score? — see what drove the C- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +20.7/30.0
• ARV discount +7.5/15.0
• DSCR +6.6/10.0
• 1% rule +4.7/10.0
• Rent growth +3.6/5.0
• Schools +3.1/10.0
• Livability +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Looking for your first home or rental property? This is the one for you. Exceeding the 1% rule, this is a beautiful and affordable home in Spring Lake! With a newly painted exterior and new LVP floors in the kitchen and bathroom, this 2 bedroom 1 bath home is ready for its next owner. With a big yard and easy access to Ft. Liberty, Cape Fear Valley Medical Center, it is in a prime location for years to come!

Key facts

• Updated throughout
• Roof replaced
• 9,583 sq ft lot

Tags

• UPDATED THROUGHOUT
• NEW STAINLESS STEEL APPLIANCES
• OVERSIZED FULLY FENCED YARD
• ROOF REPLACED

Property features AI

Finance

• Other: Living area approximately 779; Lot size about 0.22 acres; Site built structure; Crawl space basement
• HOA & community: No association

Exterior

• Parking: On-street parking; 2 open parking spaces
• Utilities: Public water; Public sewer; Electricity connected; Propane available; Cable available; Sewer connected; Water connected
• Home design: Site-built single-story home; One level; No shared/common walls
• Construction: Wood siding; Block foundation; Shingle roof
• Exterior features: Fenced yard; Chain link fencing; Public maintained paved road access

Interior

• Kitchen: Dishwasher; Gas range (free‑standing); Gas cooktop; Microwave; Refrigerator; Ice maker; Stainless steel appliances
• Bedrooms: 2 bedrooms (both on the main level)
• Flooring: Carpet; Luxury vinyl
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heat; Heat pump; Ceiling fans; Wall/window cooling units
• Interior features: Bathtub/shower combination; Ceiling fans; Crown molding; Eat-in kitchen; Kitchen/dining room combination
• Laundry & utility: Washer hookup; Electric dryer hookup; Laundry located in kitchen

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath land listed at $115k.

Deal economics

• At list price, monthly cash flow is $155 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $112k (2.9% below list).
• Recommended offer: $112k (2.9% below list) — sets the bar for 1% rule.
• Cap rate 7.9% vs local median 4.5% in Spring Lake — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 59/100 on livability (#543 in NC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime F, amenities F, commute F.
• Cumberland County Schools (urban): math 32% / reading 41% proficiency, ranked #126 of 178 in NC (top 71%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Spring Lake Middle (math 15% / reading 31%, grade F, #406 of 475 statewide, top 86%, 512 students, 99% FRL); Pine Forest High (math 73% / reading 51%, grade B-, #184 of 535 statewide, top 37%, 1,572 students, 62% FRL) — zoned schools average 81% FRL vs 55% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.5%/yr); 348 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 1,125 units permitted in Cumberland County in 2024 (104 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $795 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 3y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $111,634 (2.9% below list)

Questions for the listing agent

1. Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
5. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
6. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.97% ✗
• Cap rate: 7.91%
• Cash-on-cash: 5.78%
• DSCR: 1.26
• GRM: 8.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.49% rent growth · sell at horizon

5-year hold

• IRR: -5.8%
• Equity multiple: 0.78×
• Total profit: $-7,091
• Equity at exit: $17,147

10-year hold

• IRR: 5.4%
• Equity multiple: 1.42×
• Total profit: $13,618
• Equity at exit: $9,943

Cash invested: $32,200 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 85 Strongly Landlord-Friendly
• State North Carolina: 85 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

10-day notice; preempted; landlord-favorable but court speed varies.

Methodology + full state rankings →

ZIP-level market 28390

• Home prices YoY: -15.2%
• Rents YoY: 4.5%
• Active inventory: 348
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $1,116 high
• Mortgage (P&I): −$603
• Tax from tax record: −$76 /mo · $911/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$234
• Net cashflow: $155

Break-even live

Break-even rent $920

Max offer price $115,000

Occupancy floor 81%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
412 Lake Ave Spring Lake, NC	1.0	1.0	600	$800	$1.33	23d	1	0.04mi
206 S Seventh St Spring Lake, NC	3.0	1.0	900	$1,000	$1.11	23d	1	0.12mi
502 Spring Ave Spring Lake, NC	3.0	1.0	950	$1,150	$1.21	23d	1	0.14mi
118 Calvin St Unit B Spring Lake, NC	2.0	1.0	634	$1,025	$1.62	23d	1	0.14mi
120 Calvin St Unit B Spring Lake, NC	2.0	1.0	634	$1,025	$1.62	23d	1	0.14mi
116 Calvin St Unit A Spring Lake, NC	2.0	1.0	634	$1,025	$1.62	23d	1	0.14mi
401 Spring Ave Spring Lake, NC	2.0	2.0	868	$1,200	$1.38	23d	1	0.17mi
100 Spring Ave Unit B Spring Lake, NC	2.0	1.0	800	$825	$1.03	23d	1	0.32mi
201 Stonebriar Cir Spring Lake, NC	1.0–3.0	1.0–2.0	1150	$1,620	$1.41	14d	25	0.36mi
714 Eva Cir Spring Lake, NC	1.0	1.0	900	$800	$0.89	23d	1	0.47mi
501 Weaver St #4 Spring Lake, NC	2.0	1.0	900	$850	$0.94	23d	1	0.64mi
1302 E St Unit 1302-E Spring Lake, NC	1.0	1.0	725	$975	$1.34	23d	1	0.72mi
1302 King Ave Spring Lake, NC	1.0	1.0	725	$975	$1.34	23d	1	0.73mi
1306 King St Spring Lake, NC	2.0	1.0	968	$1,047	$1.08	23d	1	0.79mi
1401 Morrison Ave Spring Lake, NC	3.0	1.0	1026	$1,400	$1.36	23d	1	0.85mi
310 Elizabeth St Spring Lake, NC	2.0	1.5	940	$1,197	$1.27	23d	2	0.86mi
503 Warfield St Spring Lake, NC	2.0	1.5	920	$1,197	$1.30	23d	1	0.91mi
505 Warfield St Spring Lake, NC	2.0	1.5	960	$1,197	$1.25	23d	1	0.92mi
1000 Riverbank Dr Spring Lake, NC	1.0–3.0	1.0–2.0	1072	$1,322	$1.23	14d	9	1.02mi
204 McKenzie Rd Spring Lake, NC	1.0–3.0	1.0–2.0	980	$1,206	$1.23	14d	17	1.03mi
421 Tolbert Ct Spring Lake, NC	2.0	2.0	1000	$1,147	$1.15	23d	1	1.21mi
424 Tolbert Ct Spring Lake, NC	2.0	2.0	980	$1,147	$1.17	23d	2	1.21mi
605 Village Lake Ct Spring Lake, NC	1.0–3.0	1.0–2.0	1133	$1,404	$1.24	14d	30	1.43mi

Listing history 48 events

1. 2026-06-18
   days on market $115,000 Active 29 DOM
2. 2026-06-17
   days on market $115,000 Active 28 DOM
3. 2026-06-16
   days on market $115,000 Active 27 DOM
4. 2026-06-15
   days on market $115,000 Active 26 DOM
5. 2026-06-14
   days on market $115,000 Active 24 DOM
6. 2026-06-13
   days on market $115,000 Active 23 DOM
7. 2026-06-10
   days on market $115,000 Active 21 DOM
8. 2026-06-09
   days on market $115,000 Active 20 DOM
9. 2026-06-08
   days on market $115,000 Active 19 DOM
10. 2026-06-07
    days on market $115,000 Active 18 DOM
11. 2026-06-03
    days on market $115,000 Active 14 DOM
12. 2026-06-02
    days on market $115,000 Active 13 DOM
13. 2026-06-01
    days on market $115,000 Active 12 DOM
14. 2026-05-31
    days on market $115,000 Active 11 DOM
15. 2026-05-30
    days on market $115,000 Active 10 DOM
16. 2026-05-20
    listed $115,000 Active
17. 2025-11-26
    status Active
18. 2025-11-18
    status Pending
19. 2025-11-18
    historical
20. 2025-11-11
    price $110,000
21. 2025-10-03
    price $119,900
22. 2025-08-21
    price $125,000
23. 2025-07-11
    listed $129,900 Active
24. 2025-07-09
    historical
25. 2024-09-13
    soldstatus $750,000 Sold 411-char remark

    Show marketing remark (411 chars)

    Looking for your first home or rental property? This is the one for you. Exceeding the 1% rule, this is a beautiful and affordable home in Spring Lake! With a newly painted exterior and new LVP floors in the kitchen and bathroom, this 2 bedroom 1 bath home is ready for its next owner. With a big yard and easy access to Ft. Liberty, Cape Fear Valley Medical Center, it is in a prime location for years to come!

26. 2024-09-13
    soldstatus $75,000

    Show marketing remark (411 chars)

    Looking for your first home or rental property? This is the one for you. Exceeding the 1% rule, this is a beautiful and affordable home in Spring Lake! With a newly painted exterior and new LVP floors in the kitchen and bathroom, this 2 bedroom 1 bath home is ready for its next owner. With a big yard and easy access to Ft. Liberty, Cape Fear Valley Medical Center, it is in a prime location for years to come!

27. 2024-08-14
    status Pending 411-char remark

    Show marketing remark (411 chars)

    Looking for your first home or rental property? This is the one for you. Exceeding the 1% rule, this is a beautiful and affordable home in Spring Lake! With a newly painted exterior and new LVP floors in the kitchen and bathroom, this 2 bedroom 1 bath home is ready for its next owner. With a big yard and easy access to Ft. Liberty, Cape Fear Valley Medical Center, it is in a prime location for years to come!

28. 2024-08-13
    status Active 411-char remark

    Show marketing remark (411 chars)

    Looking for your first home or rental property? This is the one for you. Exceeding the 1% rule, this is a beautiful and affordable home in Spring Lake! With a newly painted exterior and new LVP floors in the kitchen and bathroom, this 2 bedroom 1 bath home is ready for its next owner. With a big yard and easy access to Ft. Liberty, Cape Fear Valley Medical Center, it is in a prime location for years to come!

29. 2024-08-09
    status Pending 411-char remark

    Show marketing remark (411 chars)

    Looking for your first home or rental property? This is the one for you. Exceeding the 1% rule, this is a beautiful and affordable home in Spring Lake! With a newly painted exterior and new LVP floors in the kitchen and bathroom, this 2 bedroom 1 bath home is ready for its next owner. With a big yard and easy access to Ft. Liberty, Cape Fear Valley Medical Center, it is in a prime location for years to come!

30. 2024-07-25
    price $82,499 411-char remark

    Show marketing remark (411 chars)

    Looking for your first home or rental property? This is the one for you. Exceeding the 1% rule, this is a beautiful and affordable home in Spring Lake! With a newly painted exterior and new LVP floors in the kitchen and bathroom, this 2 bedroom 1 bath home is ready for its next owner. With a big yard and easy access to Ft. Liberty, Cape Fear Valley Medical Center, it is in a prime location for years to come!

31. 2024-07-01
    listed $84,875 Active 411-char remark

    Show marketing remark (411 chars)

    Looking for your first home or rental property? This is the one for you. Exceeding the 1% rule, this is a beautiful and affordable home in Spring Lake! With a newly painted exterior and new LVP floors in the kitchen and bathroom, this 2 bedroom 1 bath home is ready for its next owner. With a big yard and easy access to Ft. Liberty, Cape Fear Valley Medical Center, it is in a prime location for years to come!

32. 2024-03-26
    status Active
33. 2024-03-12
    status Pending
34. 2024-03-12
    historical
35. 2024-02-01
    price $69,999
36. 2023-11-10
    price $73,750
37. 2023-08-28
    price $73,999
38. 2023-08-09
    status Active
39. 2023-08-09
    price $74,999
40. 2023-07-31
    historical Contingent
41. 2023-07-17
    status Active
42. 2023-06-20
    historical Contingent
43. 2023-05-31
    price $75,000
44. 2023-04-26
    listed $80,000 Active
45. 2021-12-20
    soldstatus $276,000
46. 2021-12-20
    soldstatus $340,000
47. 2020-08-17
    soldstatus $200,000
48. 2003-12-16
    soldstatus $195,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NC · Resets to sale price

• Current annual tax: $911 · $76/mo
• Projected year-2 tax: $943 · $79/mo
• Expected delta: +$32/yr (+$3/mo · 3.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $13,396
• − Mortgage interest: −$6,442
• − Property taxes: −$911
• − Insurance: −$575
• − Repairs & maintenance: −$1,072
• − Management: −$1,072
• − Depreciation: −$3,345
• Taxable loss: −$21
• Est. tax savings @ 24.0%: +$5
• After-tax cash flow: $1,865/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Cumberland County Schools
• NCES district ID: 3700011
• Math proficiency: 32% ▼ -2.00%
• Reading proficiency: 41% ▼ -1.00%
• Median HH income: $44,168
• Composite: 31.0/100
• National rank: #6096
• State rank: #126 of 178 in NC

Livability — Spring Lake

• Score: 59/100
• State rank: #543
• US rank: #19811

Category grades

Amenities F Commute F Cost of living A+ Crime F Employment F Housing A+ Health & safety F User ratings D+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Spring Lake, NC
• County: Harnett County · 125,715 people
• City population: 24,000
• Metro: Fayetteville, NC
• Population (ZIP): 24,000
• Household income: $62,972
• Rent vs Own: 50.7% rent · 49.3% own
• Severe rent burden: 811.0

Population outlook (Cumberland County) Hauer SSP2

• Today (2025): 330,855 people
• By 2030: 333,523 · +0.8%
• By 2040: 335,583 · +1.4%
• By 2050: 335,325 · +1.4%
• By 2075: 342,853 · +3.6%
• By 2100: 340,698 · +3.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.70)
• Race & ethnicity: White 41% Black 33% Hispanic / Latino 14% Two or more races 12% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 6% Puerto Rican 4%
• Common ancestry: Italian 1% Slovak 1% Romanian 1%
• Foreign-born: 7% · Canada, South Korea, Jamaica
• Languages at home: 88% English-only · Spanish 8% German/W. Germanic 1% Korean 1%

Political lean MEDSL · Cumberland

• 2024 margin: D (+13.4) · D 56.1% · R 42.7% · Other 1.2%
• 2008→2024 swing: -4.3pp toward R · 2008: 17.7pp · 2024: 13.4pp
• All cycles: 2024: D+13.4 2020: D+16.6 2016: D+16.0 2012: D+19.7 2008: D+17.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -37.43%
• Current HPI: 207.9349
• Rent YoY: ▲ 4.49%
• Metro: Fayetteville, NC
• State GDP YoY: ▲ 3.28%
• F500 in state: 26

Industry mix (Fortune 500 HQ in NC)

Industry	F500 HQs	Revenue
▸Financial Services	2	$213B
▸Retail	2	$95B
▸Industrial Conglomerate	1	$38B
▸Metals / Steel	1	$35B
▸Utilities	1	$30B
▸Industrial Machinery	1	$19B

Price history

-41.0% since first listed

33 events — show timeline

• 2026-05-20 Listed $115,000 TMLS
• 2025-11-26 Relisted — TMLS
• 2025-11-18 Pending — TMLS
• 2025-11-18 Listing Removed — TMLS
• 2025-11-11 Price Changed $110,000 TMLS
• 2025-10-03 Price Changed $119,900 TMLS
• 2025-08-21 Price Changed $125,000 TMLS
• 2025-07-11 Listed $129,900 TMLS
• 2025-07-09 Coming Soon — TMLS
• 2024-09-13 Sold (Public Records) $75,000 Public Records
• 2024-09-13 Sold (MLS) $750,000 TMLS
• 2024-08-14 Pending — TMLS
• 2024-08-13 Relisted — TMLS
• 2024-08-09 Pending — TMLS
• 2024-07-25 Price Changed $82,499 TMLS
• 2024-07-01 Listed $84,875 TMLS
• 2024-03-26 Relisted — TMLS
• 2024-03-12 Pending — TMLS
• 2024-03-12 Listing Removed — TMLS
• 2024-02-01 Price Changed $69,999 TMLS
• 2023-11-10 Price Changed $73,750 TMLS
• 2023-08-28 Price Changed $73,999 TMLS
• 2023-08-09 Relisted — TMLS
• 2023-08-09 Price Changed $74,999 TMLS
• 2023-07-31 Contingent — TMLS
• 2023-07-17 Relisted — TMLS
• 2023-06-20 Contingent — TMLS
• 2023-05-31 Price Changed $75,000 TMLS
• 2023-04-26 Listed $80,000 TMLS
• 2021-12-20 Sold (Public Records) $340,000 Public Records
• 2021-12-20 Sold (Public Records) $276,000 Public Records
• 2020-08-17 Sold (Public Records) $200,000 Public Records
• 2003-12-16 Sold (Public Records) $195,000 Public Records

Property tax history

+1.1%/yr

Latest (2024): $911 · +16.7% YoY. Source: county tax records.